What to Expect as Bolt Plans to Invest $530M in Africa in the Next 2 Yrs
Bolt, a leading tech mobility company that offers ride-hailing services across 7 African countries since its launch in South Africa in 2016, has recently announced plans to invest $530 million in Africa over the next 2 years. This will be used to expand their services and create employment opportunities for over 300,000 new drivers and couriers in 2023. The investment is significant for the continent and is expected to contribute to the growth of the mobility and ride-hailing sector in Africa.
The growth of the mobility and ride-hailing sector in Africa has been significant in recent years, with the increasing use of smartphones, rapid urbanization, and the internet making it easier for people to access these services. According to a report by GSMA, 40% of the adult population in Sub-Saharan Africa is now connected to mobile internet services. By the end of 2021, 515 million people subscribed to mobile services in Sub-Saharan Africa, representing 46% of the population – an increase of almost 20 million in 2020. There will be nearly 100 million new subscribers by 2025, taking the total number of subscribers to 613 million (50% of the region’s population). This increase in mobile internet usage is expected to drive the growth of Africa’s mobility and ride-hailing sector.
Bolt has already made significant inroads in the African market, operating ride-hailing and delivery services in seven countries, including South Africa, Kenya, Ghana, Nigeria, Uganda, Tanzania, and Tunisia. The platform boasts over 47 million customers and 900,000 drivers across the continent, making it one of the largest ride-hailing companies in Africa.
What Bolt’s Investment Means to the African Mobility Sector
Markus Villig, Founder and CEO of Bolt
According to Markus Villig, Founder and CEO of Bolt, the company has been building a strong team of 500 people in Africa in the last 7 years and remains committed to investing in local communities for the long term.
“At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers,” Villig added.
The investment by Bolt is expected to further expand its services in Africa, creating employment opportunities for over 300,000 new drivers and couriers in 2023. This is significant in a continent where unemployment is often high. It is expected to provide new opportunities for people to earn a good living by being a driver or courier.
Bolt’s corporate travel division, Bolt Business, has also been launched in several African countries, including Nigeria, South Africa, Ghana, Tanzania, and Kenya. This new service provides local businesses with affordable and secure ways for their employees to travel, which is expected to drive the growth of the corporate travel sector in Africa.
Bolt Kenya Gets $100M Investment
The company also announced plans to invest $100 million in its Kenyan arm, which will see the Bolt expand to more cities across the country, and is expected to contribute significantly to the growth of the mobility and ride-hailing sector in the country. Already, Bolt operates across 16 locales in Kenya, including Nairobi, Meru, and Karatina. The investment will further expand their services, making it easier for people to access affordable and reliable transportation.
Bolt’s investment in Africa comes at a time when many countries are facing economic challenges, and it is expected to contribute to the growth of the economy by creating new jobs and income opportunities for drivers and couriers. This is significant in a continent where unemployment is often high and is expected to provide new opportunities for people to earn a good living. and
The investment by Bolt is also expected to drive innovation in the mobility and ride-hailing sector in Africa. The company has already introduced several innovative features in its services, including sharing rides with other passengers going in the same direction, making it more affordable for passengers. Bolt has also introduced a feature that allows passengers to make multiple stops during their journey, making it more convenient for passengers.
The investment by Bolt is expected to encourage other companies to invest in the mobility and ride-hailing sector in Africa, driving further innovation in the sector. This is significant as Africa’s mobility and the ride-hailing sector are still in their early stages, and there is significant growth potential.